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Comstock Realty Partners is moving forward with a 14-acre master-planned community in the city of Commerce, securing $50M remediation financing for the project.
Comstock secured the financing from Schroders Capital, Commercial Observer reported.
The project, called Modelo, will feature 740 apartments, 45 condos, 65 townhomes and nearly 180K SF of retail space. It will sit between Interstate 5 and Slauson Avenue in Commerce.
“Modelo exemplifies the type of complex, large-scale development where flexible capital solutions are essential,” Paul Bratten, Schroders’ head of U.S. real estate debt investments, said in a statement to CO.
“Through this investment, we are positioning the project for long-term success while helping to expand housing supply in a market that remains chronically undersupplied.”
Comstock will use the financing on remediation at the site then begin horizontal construction on a 3-acre section of the property that will hold townhomes.
The development received entitlements in 2022. The project site encompasses the existing Veterans Memorial Park at 6364 Zindell Ave. and an adjacent vacant parcel at 7316 East Gage Ave., according to city documents.
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